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NIKE, Inc. Reports Fiscal 2025 Fourth Quarter and Full Year Results

BEAVERTON, Ore.--(BUSINESS WIRE)-- NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2025 fourth quarter and full year ended May 31, 2025.

• Full year revenues were $46.3 billion, down 10 percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis*
• Fourth quarter revenues were $11.1 billion, down 12 percent on a reported basis and down 11 percent on a currency-neutral basis
• NIKE Direct revenues for the fourth quarter were $4.4 billion, down 14 percent on a reported and currency-neutral basis
• Wholesale revenues for the fourth quarter were $6.4 billion, down 9 percent on a reported and currency-neutral basis
• Gross margin for the fourth quarter decreased 440 basis points to 40.3 percent
• Diluted earnings per share was $0.14 for the fourth quarter

"While our financial results are in-line with our expectations, they are not where we want them to be. Moving forward, we expect our business to improve as a result of the progress we're making through our Win Now actions," said Elliott Hill, President & CEO, NIKE, Inc. "As we enter a new fiscal year, we are turning the page and the next step is aligning our teams to lead with sport through what we are calling the sport offense. This will accelerate our Win Now actions to reposition our business for future growth."

The sport offense realignment will focus on driving distinction within key sports, building a complete product portfolio, creating stories to inspire and connect with consumers, and elevating and growing the entire marketplace.

"The fourth quarter reflected the largest financial impact from our Win Now actions, and we expect the headwinds to moderate from here," said Matthew Friend, Executive Vice President & Chief Financial Officer, NIKE, Inc. "I am confident in our ability to navigate through this current dynamic and uncertain environment by focusing on what we can control and executing our Win Now actions."

Fourth Quarter Income Statement Review

• Revenues for NIKE, Inc. were $11.1 billion, down 12 percent on a reported basis and down 11 percent on a currency-neutral basis.
  • Revenues for the NIKE Brand were $10.8 billion, down 11 percent on a reported and currency-neutral basis, driven by declines across all geographies.
  • NIKE Direct revenues were $4.4 billion, down 14 percent on a reported and currency-neutral basis, due to a 26 percent decrease in NIKE Brand Digital, partially offset by a 2 percent increase in NIKE-owned stores.
  • Wholesale revenues for the fourth quarter were $6.4 billion, down 9 percent on a reported and currency-neutral basis.
  • Revenues for Converse were $357 million, down 26 percent on a reported and currency-neutral basis, due to declines across all territories.
• Gross margin decreased 440 basis points to 40.3 percent, primarily due to higher discounts and changes in channel mix.
• Selling and administrative expense increased 1 percent to $4.1 billion.
  • Demand creation expense was $1.3 billion, up 15 percent, primarily due to higher sports marketing expense and higher brand marketing expense.
  • Operating overhead expense decreased 3 percent to $2.9 billion, primarily due to restructuring charges in the prior year, lower wage-related expenses and lower other administrative costs.
• The effective tax rate was 33.6 percent, compared to 13.1 percent for the same period last year, primarily due to decreased benefits from stock-based compensation and one-time items that have an outsized impact on the tax rate because of lower pre-tax income in the quarter.
• Net income was $0.2 billion, down 86 percent, and Diluted earnings per share was $0.14, a decrease of 86 percent.

Fiscal 2025 Income Statement Review

• Revenues for NIKE, Inc. were $46.3 billion, down 10 percent on a reported basis and down 9 percent on a currency-neutral basis.
  • Revenues for the NIKE Brand were $44.7 billion, down 9 percent on a reported and currency-neutral basis, driven by declines across all geographies.
  • NIKE Direct revenues were $18.8 billion, down 13 percent on a reported basis and down 12 percent on a currency-neutral basis, due to a 20 percent decrease in NIKE Brand Digital, while NIKE-owned stores were flat.
  • Wholesale revenues were $25.9 billion, down 7 percent on a reported basis and down 6 percent on a currency-neutral basis.
  • Revenues for Converse were $1.7 billion, down 19 percent on a reported basis and down 18 percent on a currency-neutral basis, due to declines across all territories.
• Gross margin decreased 190 basis points to 42.7 percent, primarily due to higher discounts, changes in channel mix and higher inventory obsolescence reserves, partially offset by lower product costs.
• Selling and administrative expense decreased 3 percent to $16.1 billion.
  • Demand creation expense was $4.7 billion, up 9 percent, primarily due to higher brand marketing expense and higher sports marketing expense.
  • Operating overhead expense decreased 7 percent to $11.4 billion, primarily due to restructuring charges in the prior year, lower wage-related expenses and lower other administrative costs.
• The effective tax rate was 17.1 percent, compared to 14.9 percent for the same period last year, primarily due to changes in earnings mix, decreased benefits from stock-based compensation and non-recurring one-time benefits in the prior year, partially offset by a one-time, non-cash deferred tax benefit provided by US tax regulations related to foreign currency gains and losses.
• Net income was $3.2 billion, down 44 percent, and Diluted earnings per share was $2.16, a decrease of 42 percent.

May 31, 2025 Balance Sheet Review

• Inventories for NIKE, Inc. were $7.5 billion, flat compared to the prior year.
• Cash and equivalents and short-term investments were $9.2 billion, down approximately $2.4 billion from last year, as cash generated from operations was more than offset by share repurchases, cash dividends, bond repayment and capital expenditures.

Shareholder Returns

NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts.

In the fourth quarter, the Company returned approximately $0.8 billion to shareholders, including:

• Dividends of $591 million, up 6 percent from prior year.
• Share repurchases of $202 million, reflecting 3.2 million shares retired as part of the four-year, $18 billion program approved by the Board of Directors in June 2022.

In fiscal 2025, the Company returned approximately $5.3 billion to shareholders, including:

• Dividends of $2.3 billion, up 6 percent from prior year.
• Share repurchases of $3.0 billion, reflecting 37.6 million shares retired as part of the four-year, $18 billion program approved by the Board of Directors in June 2022.

As of May 31, 2025, a total of 122.6 million shares have been repurchased under the current program for a total of approximately $12.0 billion.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on June 26, 2025, to review fiscal fourth quarter and full year results. The conference call will be broadcast live via the Internet and can be accessed at . For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, July 17, 2025.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.'s earnings releases and other financial information are available on the Internet at . Individuals can also visit and follow @NIKE.

Forward-Looking Statements

This press release contains forward-looking statements regarding our expectations of our future results and our strategy, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

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Investor Contact:

Paul Trussell

[email protected]

Media Contact:

Virginia Rustique-Petteni

[email protected]

Source: NIKE, Inc.